1. Technical Field
The present disclosure relates generally to electronic transaction processing and management, and more particularly, to systems and methods for biometrics-based fraud prevention with customer contact center interactions, credit card transactions and other financial transactions involving customer-driven preferred alerts, thresholds, and limits.
2. Related Art
Credit cards are a popular payment method, and the average number of transactions per user is increasing year by year. Many of these transactions are no longer in person or point of sale transactions, but are transactions that take place over the phone or online. Many users sense an increased risk for these remote transactions and often decline to participate in the modern economy as a result. Even customers who do participate in remote transactions have a heightened anxiety about the security of their identity and credit card information. People rightfully are concerned about identity theft, credit card theft and fraud, and other misuses of private and personal financial data and information.
There are a number of security checks that can prevent fraudulent transactions, but many of these aid the vendor more than the consumer. Oftentimes merchant agreements with credit card issuers pass the liability for fraud on to the merchant, and proper crediting for losses may require extensive investigation and documentation. Under existing law, the consumer is rarely, if ever, liable. As such, it is perhaps not unexpected that much fraud prevention efforts have focused largely on the vendor side.
One technique is to require the user to provide the security code that is printed on their credit card. This is often a four digit number that is separate from the credit card account number. This allows the vendor to at least feel confident that the person has the physical card in their hands, but it does not aid the consumer because anyone who has the physical card can initiate and complete transactions.
Another security measure is the use of complex algorithms that create patterns for each consumer. When card activity appears outside of the typical use pattern for a consumer, the credit card company will often contact the cardholder to validate a recent transaction, or to inquire if their card might be lost or stolen.
To offer some degree of comfort for the consumer, but also to add a level of protection against fraud to the credit card issuer and to the merchant, various consumer-side user experience enhancements have been contemplated. Although not implemented by most credit card issuers, these enhancements include the ability for the consumer to set thresholds and preferences that will trigger alerts and fraud remediation. For example, consumers can indicate the upper limits of spending on a credit card or other financial token so an alert will trigger further verification means if that threshold is reached. These techniques provide some level of protection to the merchant and the credit card company, but they do not provide additional protection for the consumer. Accordingly, there is a need in the art for systems and methods for biometrics-based fraud prevention